Sibanye not interested in bidding as Newmont makes final R360bn play for Newcrest Mining | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 80%

United States News News

United States United States Latest News,United States United States Headlines

Newmont Corporation laid down a best and final offer for Australia's Newcrest Mining Ltd on Tuesday at A$29.4 billion (R360 billion) to close a deal that would extend Newmont's lead as the world's biggest gold producer. | News24_Business

If successful, the deal would lift Newmont's gold output to nearly double its nearest rival Barrick Gold Corp. The merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023, according to data from Refinitiv and Reuters calculations.

"I think this offer strikes a better balance. We are positively disposed to the Newcrest-Newmont merger and would intend to remain a shareholder of the combined entity were a transaction to proceed," said Simon Mahwinney, chief investment officer at Newcrest's top shareholder Allan Gray Australia. "This transaction would strengthen our position as the world’s leading gold company by joining two of the sector's top senior gold producers and setting the new standard in safe, profitable and responsible mining," Newmont CEO Tom Palmer said in a statement.

Newmont's earlier offer had been seen as opportunistic by some investors, given it came at a vulnerable time for the company. Newcrest is seeking a replacement for former Chief Executive Officer Sandeep Biswas, who stepped down in December.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US

United States United States Latest News, United States United States Headlines